The colourful property entrepreneur Desmond Bloom is launching AIM-listed company Equable Properties which will invest in commercial and residential property in the UK and overseas.

It plans to issue 142m shares at 1.4p and raise around £1.7m which will give it a market capitalisation of around £2m.

Fellow directors of Equable Properties include Nicholas Jeffrey who will be chairman, Ivan Minter who will be finance director and non-executive director Dursley Stott. Bloom will be managing director of the company Nabarro Wells is acting as nominated advisor

Equable Properties is the latest company Bloom has listed on AIM. His previous company was Hemisphere Properties which invested in China.